Neg. value rev. partly explained by lower rental levels
Trading ~30% below its five-year average
Rental growth has taken new heights
Diös kept growing in Q3, with increased rental value and net leasing (r12m at SEK 65m) at historical highs. Its 14,500 sqm hotel project in Umeå was inaugurated in September and should impact Q4 positively. The avg. rent/sqm has improved from up 1-5% p.a. in ’18-21 to 9-13% p.a. in Q1-Q3’22, and now stands at SEK 2,361. Top rents are at ~SEK 3,800, according to management, and as the increasing demand looks set to hold up, mgmt. expects the average rent to keep increasing at a solid pace. For Q4, we received guidance of a similar net letting figure to Q3 (SEK 20m). The NOI margin (~70% in Q3) holds up despite cost inflation, partly due to Diös energy price hedging strategy of 1-5 years ahead and partly due to lower energy prices in Northern Sweden.
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